landshark wrote:2018 assessments are posted on the NJ website. Vacant land was missing from the previous lists. As I expected look low from the ones I checked downtown.

239 Montgomery: Assessed at 375k but the neighboring property the same size has a land assessment of 765k

63 Mercer: Sold in 2016 for 3mm but assessed at 774k

208 Columbus: Sold in 2015 for 1.45mm but assessed at 727k

131 Morgan: Sold in 2016 for 1.98mm but assessed at 775k

I've been saying for a while the land valuations were going to be a mess. Clearly they don't use comps for empty land and they use an ass-backwards subtractive system for developed land.

I had thought that since abatements are not on the land, just on the improvements, that we would see tax increases from abated properties. Solomon said no that's not the way it works. Funny, huh?

I hate to ever entertain, or partake in, conspiracy theories, but given the history of shenanigans related to this reval, and the powerful vested interests, one can’t help wonder if this botched implementation is perhaps a way to further delay the implementation of the reval results.

With the deadline approaching to appeal the property assessments given during the recent Jersey City revaluation, some downtown residents hope to take the issue to court in a class action lawsuit.

Although slow to start, the protest has picked up momentum over the last few weeks as downtown residents hardest hit with massive increases scramble to challenge the resulting spikes in their tax bills.

Ward E Councilman James Solomon said the issuing of property cards to residents, which signals the official end of the revaluation process, was due to start on May 1. This sets into motion the formal appeal process. Residents will have 45 days from when the cards are mailed to file an appeal with the Hudson County Tax Board.

“Van Vorst, Paulus Hook, and the Village neighborhoods were the hardest hit,” Solomon said. “Some of these residents have been there for 30, 40 even 50 years. It’s hard for them to have to sell and move out of a place they love.”

Solomon said some of these residents will be hit hard when the August tax bills come out.

Downtown also had 17 total sales of 1-4 family homes, a 31% increase compared to the first quarter of 2017. However, Pure Properties’ latest market report shows that while more homes are for sale, prices haven’t taken a hit.

Perhaps this is why Fulop was walking back his comments on doing a second reval at a recent ward meeting?

With Jersey City’s long-delayed revaluation finally complete and homeowners closer to paying their new rates, many questions remain as to what the effect on the real estate market will be. In their first 2018 quarterly report, Pure Properties takes a closer look.

Appraisal Systems, the company hired to conduct the revaluation, has released data that indicates the estimated tax increase in Downtown neighborhoods will be around 67% for 1-4 family homes and 24% for condominiums. The numbers are so daunting that Mayor Fulop has floated the idea of a “second revaluation” in 2019 due to changes that might take place in the market following the new rates. At least one fear about the health of Downtown’s marketplace appears to have materialized; Downtown Jersey City had a notable surge in 1-4 family homes coming to market during 2018’s first quarter, with the number listed Downtown increasing 238% from 13 in quarter one of 2017 to 44 in 2018’s first quarter.

Downtown also had 17 total sales of 1-4 family homes, a 31% increase compared to the first quarter of 2017. However, Pure Properties’ latest market report shows that while more homes are for sale, prices haven’t taken a hit. The median sales price for 1-4 family homes increased 2% from 2017’s first quarter to $1.425 million, while condo sale prices dipped 2% year-to-year to $721,000. Rents Downtown have thus far been unaffected by the tax upheaval, staying flat over the year to average $2,600/month.

Conversely, Greenville saw a spike in property values during the quarter. The neighborhood is expected to benefit from the revaluation in the form of lower tax bills, and the average sale price of 1-4 family homes in Jersey City’s most southern neighborhood jumped 17% in the quarter to $345,000. However, condo sales in the neighborhood dropped 25% over the year to an average of $307,500.Jersey Digs

LoraJ wrote:My mortgage company pays my taxes. Will they be the ones to get the new tax amount from the city?

My mortgage company pays my taxes too (actually they contract it out). I still received my letter in the mail the same week I saw my property listed in ASI’s spreadsheet. I haven’t shared the letter with my mortgage company because these amounts are estimates and we haven’t actually been billed at the new amounts yet. When the new bills come out, my mortgage company will get it.

Did you need to sign for these tax letters - JC sent me something - I need to pick it up and sign for it...

Got my vacant lot appraisal. Raised my taxes about 100%. I expected to go up given the higher land appraisals, but not that much. The lot is small, non-build, partially paved, and has room for about three cars.

worm wrote:Can anyone recommend an online site for comps between 10/1/16- 10/1/17? When I go on trulia, I can only find recent sales, is there some way to filter this so that I can see only sales in that window?

Use "advanced search" in step 4 on this page to set parameters of your search. Unfortunately it's harder to geographically limit than the RE sites, you have to dig through your results.

K-Lo2 wrote:Doesn't the first big hit for those whose taxes have gone up come in August?

February, May, August, November?

Yes, but the catch is that the second half taxes will also include the overage (or, reduction) from the 1st half. So, for someone whose taxes may have been initially estimated at 9K, but the post reval taxes come in at 18K, their second half taxes would be 13.5K: 9K for (second half taxes) plus 4.5K (difference between correct first half payment, 9K, and the initially estimated 4.5K payment of the first half.) For those facing large increases, the second half of this year will be tough if they didn't plan accordingly.

Yvonne wrote:The shoe has not dropped, when we get our new bills, there will be a note stating all taxes must be paid ... with a November date. Those who do not have a mortgage but limited income will not be able to pay and many homes will go into lien. Before the reval, normally 2,000 homes are in lien.

1) News flash! Lots of people are seeing reductions in their taxes. Anyone whose mortgage is paid off, is on a limited income, and gets a tax cut, will find their financial position improved.

It's a bit disgusting that you repeatedly ignore the people who benefit.

2) It's April. Taxes are due in November. As noted above, if your taxes went up, that's because the value of your home went up as well. Anyone who can't figure out how to tap the equity of their home in the next six months isn't trying.

Absolutely insane to buy that property. Deep in the flood zone (was under 3 feet of water in Sandy/Irene) and up against a abandoned building. Say goodbye to your entire first level in the next big storm and possibly your whole building when the building next door is worked on. That's all landfill there!

The shoe has not dropped, when we get our new bills, there will be a note stating all taxes must be paid ... with a November date. Those who do not have a mortgage but limited income will not be able to pay and many homes will go into lien. Before the reval, normally 2,000 homes are in lien.

Pretty smart on your part Lora. Banks like to guestimate your coming escrow payment and they often estimate on the high side. I caught one years ago after reading about a proposed tax hike in one amount while the bank initiated an amount a few percentage points higher. I always paid my own taxes separately after that. Many folks--especially new mortgagees aren't aware that you canpay your taxes separately.

newbie100 wrote:I was looking at the "Proposed Assessments" spreadsheet on http://www.asinj.com/revaluation.asp?p=current&id=359. Does someone know what the "###" in the "2018 Taxes Estimated" column means? I could not find any description of it in the spreadsheet or on their website. Is it pending an assessment?

Don't know if you know this but if the column isn't wide enough it will show ###. Grab the line between the T and U and expand column T.

I was looking at the "Proposed Assessments" spreadsheet on http://www.asinj.com/revaluation.asp?p=current&id=359. Does someone know what the "###" in the "2018 Taxes Estimated" column means? I could not find any description of it in the spreadsheet or on their website. Is it pending an assessment?